This article investigates energy storage requirements in the submodules of a class of converters known as hybrid cascaded modular multilvel converters (HC-MMCs). The complexities arising from the usage of different submodule types and their non-conventional arrangement necessitate detailed analysis of submodule capacitor voltage ripples, which are needed for development of guidelines for sizing submodule capacitors. This paper characterizes electric charge variations in the submodule capacitors to derive expressions for capacitor voltage ripples, and to determine the energy storage requirements of the converter. The paper uses detailed electromagnetic transient (EMT) simulations and experimental results on a laboratory-scale MMC setup to verify and validate its findings.